Hot November Jobs Report Despite Tech Layoffs
This report doesn’t bode well for a Federal Reserve reaction. We can expect the Fed to put the brakes on the economy in an attempt to suppress worker wages. But, Fed, take note: In Friday’s report, Temporary help services — the only leading employment indicator — is way down.
And I am not so sure worker power is strong enough to boost wages over productivity and thus push up prices. The fear of layoffs affects worker confidence and requests for wage increases.The quits rate and the job leaver share can tell us a lot about how workers are feeling about the economy.* in October edged down slightly to 2.6% but remains high above the average 2% over the last 20 years. And, no surprise, in professional and business services, the quits rate is higher at 2.9%.
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